On May 19, 2017, the Group acquired 36,237,649 shares out of all outstanding shares of KB Insurance Co., Ltd., and this share acquisition increased the Group’s ownership of KB Insurance Co., Ltd. from 39.81% to 94.30%. Therefore, KB Insurance Co., Ltd. became a subsidiary to the Group. The main purpose of the business combination is to improve competitiveness of non-banking business by maximizing the operational synergy with subsidiaries in non-banking businesses.
| 2017 | ||||
| (In millions of Korean won) | ||||
|
Consideration |
||||
|
Fair value of existing holdings at the time of stock exchange |
￦ | 1,425,743 | ||
|
Equity securities(=36,237,649 shares X ￦33,000) |
1,195,842 | |||
|
|
|
|||
|
Total consideration transferred |
￦ | 2,621,585 | ||
|
|
|
|||
|
Recognized amounts of identifiable assets acquired and liabilities assumed |
||||
|
Cash and cash equivalents |
￦ | 547,889 | ||
|
Financial assets at fair value through profit or loss |
1,095,668 | |||
|
Available-for-sale financial assets |
9,186,062 | |||
|
Held-to-maturity financial assets |
4,616,377 | |||
|
Loans |
6,604,530 | |||
|
Other receivables |
767,458 | |||
|
Property plant and equipment(included Investment property) |
895,141 | |||
|
Intangible assets |
2,434,049 | |||
|
Other assets |
4,187,919 | |||
|
|
|
|||
|
Total Assets |
30,335,093 | |||
|
|
|
|||
|
Insurance contract liabilities |
22,889,439 | |||
|
Financial liabilities |
625,850 | |||
|
Other liabilities |
3,905,189 | |||
|
|
|
|||
|
Total liabilities |
27,420,478 | |||
|
|
|
|||
|
Total identifiable net assets |
￦ | 2,914,615 | ||
|
|
|
|||
|
Non-controlling interests1 |
170,044 | |||
|
Gains on bargain purchase |
122,986 | |||
| 1 | Measured at the proportionate share of KB Insurance Co., Ltd.’s net assets applies only to instruments that represent present ownership interests. |